A group of auto makers will undertake a joint venture to create a low cost car.
This group includes Bajaj Auto Ltd, a major Indian automobile manufacturer, Renault, a French vehicle manufacturer, and its Nissan Motor Co affiliate.
The car codenamed ULC will be worth of $2500 and will be launched for sale in India in early 2011.
The know-how will be made in a 400,000 units initial capacity plant in Chakan near Pune on land provided by Bajaj.
Renault-Nissan will hold intellectual property rights for the car's technical design and mechanicals, but it’s still unclear what branding will be given to the car.
Putin's official spokesman Dmitry Peskov commented on remarks in the US media about failures in launching nuclear-capable missiles in Russia
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